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This time, Cleantech Solar is the recipient, with the oil major reportedly signing an agreement for a 49% stake of its operations.

In a statement released, the Singapore company says there is an option to increase this after 2021. While the financial details were not disclosed, it did say that the deal is set to be sealed in January.

“This investment will be Shell’s second major solar investment this year, giving Shell an immediate path to an established commercial and industrial platform in Southeast Asia and India,” said Cleantech Solar.

It adds that it will continue to operate as usual.

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“Asia is a significant commercial and industrial solar generation market for Shell and we are proud to work with Cleantech Solar as a leading solar company in the region,“ added Marc van Gerven, Shell Vice President of solar and storage.

Cleantech Solar is not Shell’s first solar investment in Singapore. Indeed, last August, it announced its intentions to invest in Suneap.

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Becky Beetz

Becky has managed the online presence of pv magazine International since its inception in 2010. As Head of Content, she is currently responsible for content development across all platforms, including our global and regional platforms.

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